Pakistan Stock Exchange suffers big losses

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On the economic front, the International Monetary Fund (IMF) has stated that Pakistan’s public debt may surge to 78.6pc of GDP, which is “not only higher than the previous year but is also violates an act of parliament”.

Moreover, as per media reports, in a meeting between the Commerce Ministry officials and IMF staff, the Fund has stressed the need to simplify Pakistan’s taxation system. The team, however, was satisfied with the reduction in the trade deficit.

Shedding 444.12 points, the KSE-100 Index recorded an intraday low at 33,836.97. It closed lower by 382.53 points at 33,898.56. The KMI-30 Index declined by 657.48 points to settle at 54,200.07, while the KSE All Share Index lost 223.34 points, ending at 24,589.99 points.